Leeds BS wins two awards for part-and-part mortgage range

Posted on Monday, June 13 by Joy Tibbs

Leeds Building Society has been awarded the ‘Innovation in Personal Finance’ prize at the Moneyfacts Awards for its part-and-part mortgages, which are available up to 75% loan-to-value (LTV), with up to 50% LTV on interest-only and the remainder on a capital and repayment basis.

Its part-and-part mortgage line also won the ‘Product Innovation (Lenders)’ honour at the Mortgage Finance Gazette Awards 2016, the third consecutive year the society’s product innovation has triumphed in these awards.

The deal offers borrowers more flexibility in reducing their mortgage debt in a manageable way and has proved particularly popular for remortgages among interest-only borrowers, such as those with an endowment shortfall.

“Recognition by our peers is always satisfying, so to pick up a second industry award for part and part is very welcome,” said Jaedon Green, Leeds Building Society’s director of product and distribution.

“As anticipated when we launched part-and-part, we’ve seen strong demand for remortgages from homeowners with interest-only mortgages.

“Part-and-part can help borrowers who’ve yet to make progress paying down their original interest only loan to start reducing their debt without the payment shock of switching to a full repayment mortgage.

“It’s also a product which high-net-worth borrowers can use as part of a wider investment strategy, or for homebuyers expecting their future income to rise significantly, such as after completing professional training and qualifications.”

Leeds BS also picked up the Moneyfacts award for Best Building Society Savings Provider at a recent presentation dinner in London.

Lee Tillcock, editor of Moneyfacts, said: “Winning awards in both savings and mortgage categories demonstrates Leeds Building Society’s continuing commitment to consumers in the personal finance sector.

“Its innovative part-and-part mortgage solution has provided added flexibility to help borrower groups who have found it hard to source adequate funding and have been left behind as mortgage rates continue to hit record lows.”

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